COMMISSIONER OF WEALTH TAX Vs. JAGPHOOL NARAIN

JUDGEMENT

(1.) UNDER Section 27(1) of the Wealth-tax Act, 1957, the Tribunal has stated the following question to this court:

(2.) IT is brought to our notice by learned standing counsel for the Revenue that this question is concluded by a decision of this court in CWT v. Radhey Mohan Narain [1982] 135 ITR 372. IT has been held therein that where the assessee was engaged in purchasing plain white cloth and converting it into printed bed-spreads, scarves, garments, etc., by a process of dyeing and printing, the unit constitutes an "industrial undertaking" within the meaning of Section 5(1)(xxxii) of the Wealth-tax Act. Following the said decision, the question referred is answered in the affirmative, i.e., in favour of the assessee and against the Revenue.